Oncolytics Biotech Inc. Announces 2008 First Quart... (o papers were published in Clinical Canc...)

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Oncolytics Biotech Inc. Announces 2008 First Quarter Results

Date:4/30/2008

o papers were published in Clinical Cancer Research covering

preclinical work with reovirus in combination with radiation, and

reovirus administration following cyclophosphamide.

- In April, two presentations were made at the American Association for

Cancer Research (AACR) covering work using the reovirus in

combination with radiation for pediatric sarcomas, and reovirus as a

purging agent for autologous stem cell transplants.

- In April, a paper covering preclinical work demonstrating that

reovirus can kill melanoma cell lines and freshly resected tumour was

published in Gene Therapy.

Intellectual Property

- Two Canadian patents and one U.S. patent were secured in the quarter.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

This discussion and analysis should be read in conjunction with the unaudited consolidated financial statements of Oncolytics Biotech Inc. as at and for the three months ended March 31, 2008 and 2007, and should also be read in conjunction with the audited financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") contained in our annual report for the year ended December 31, 2007. The financial statements have been prepared in accordance with Canadian generally accepted accounting principles ("GAAP").

FORWARD-LOOKING STATEMENTS

The following discussion contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, including our belief as to the potential of REOLYSIN(R) as a cancer therapeutic and our expectations as to the success of our research and development and manufacturing programs in 2008 and beyond, future financial position, business strategy and plans for future operations, and statements t
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SOURCE Oncolytics Biotech Inc.
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